Bascom Group Expands Portfolio with 257-Unit Apartment Buy
Bascom Group Expands Portfolio with Significant Acquisition
Recent news highlights the strategic acquisition by The Bascom Group, LLC, which has successfully purchased Highridge Apartments, a notable 257-unit value-add apartment community. This acquisition marks a significant investment of $127 million, providing a unique opportunity in a highly sought-after market.
Details of the Acquisition
Highridge Apartments, a 1972-vintage property, stands out in the competitive real estate landscape. Over the years, it has received substantial upgrades that enhance its appeal to potential residents. Among these improvements are modern in-unit appliances and comprehensive community amenities designed for a comfortable living experience.
Quality Living Experience
The apartments offer a spacious living environment, averaging an impressive 1,157 square feet, which is significantly larger than many other options in the vicinity. The community comprises a varied unit mix, including loft-style residences with high ceilings, creating an inviting atmosphere for residents seeking more than just an apartment.
Amenities available to residents include multiple swimming pools, fitness centers, and recreational spaces, ensuring a resort-like experience that adds value to daily living. Conveniently located, residents are just minutes away from exquisite dining and shopping options, complemented by breathtaking ocean views.
Future Renovation Plans
Moving forward, Bascom has outlined ambitious renovation plans aimed at elevating the Highridge Apartments to a Class "A" standard. The intent is to provide an upscale living environment through thoughtful upgrades that cater to the needs of modern renters. Senior Vice President of Operations, Julie Schoenbachler, emphasized the company's commitment to such strategic enhancements to foster a premium living experience.
Highridge Apartments: A Unique Market Position
Notably, Highridge Apartments is one of only three multifamily communities exceeding 100 units in its local area, which is characterized by beautiful coastal scenery and a tranquil lifestyle. The region's reputation for quality living is further underscored by its highly esteemed school district and a high average household income, making it particularly attractive to educated and affluent residents.
Chad Sanderson, Senior Principal at Bascom, expressed enthusiasm about the acquisition's potential, given the low vacancy rates prevalent in this competitive market. The growing demand for housing, tied to limited supply, positions Highridge Apartments as a strong investment prospect.
Bascom Group's Experience in the Market
Established in 1996, The Bascom Group has emerged as a leader in the Southern California multifamily real estate sector. With a portfolio of 96 multifamily properties and nearly 16,000 units, they have established a solidified reputation amongst both institutional and private capital investors. This recent acquisition strengthens their position in an increasingly competitive landscape.
By consistently seeking out value-added opportunities, Bascom aims to reposition distressed properties to maximize long-term value while enhancing operational efficiency. Their extensive track record of over $22 billion in multifamily transactions illustrates their leadership capabilities within the industry.
Commitment to Community and Quality
Bascom's strategy emphasizes community enhancement through informed property management decisions, technical upgrades, and improved revenue channels. Their commitment to creating well-managed, thriving apartment communities continues to draw attention in the real estate market, as exemplified by the recent purchase of Highridge Apartments.
Frequently Asked Questions
1. What is the significance of Bascom Group's purchase of Highridge Apartments?
The acquisition signifies Bascom's ongoing strategy to expand and improve its multifamily portfolio in Southern California.
2. What renovations are planned for Highridge Apartments?
Bascom plans to upgrade the interiors to a Class "A" standard and enhance community amenities for a better living experience.
3. How does Highridge Apartments' size compare to others in the area?
Highridge is among the few multifamily communities with over 100 units in its vicinity, making it a unique investment opportunity.
4. What amenities do residents at Highridge Apartments enjoy?
Residents benefit from multiple pools, fitness centers, and a clubhouse, along with spacious living units.
5. How has Bascom Group performed in the Southern California market historically?
Since 1996, Bascom has acquired numerous properties and has a strong reputation for successful multifamily investments.
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